SPY

Alert

Funding spread now, next payment 17:00 UTC−0.0312%/8h

next payment, per $10,000−$0.39paid, last 24h−0.007%paid, last 4 days+0.009%to open and closeno order book

The current rate is far above what this pair has been paying: over the last 4 days it paid 0.009% in total (about 0.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.39 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SPY_USDC-PERPETUAL	773.01	0.0022	pay 0.0003% / 1h	42m 36s	$22K	$73K	20x
Short	Phoenix SPY	772.27	−0.0290	pay 0.0036% / 1h	42m 36s	$160K	$266K	20x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee DeribitbpFee PhoenixbpOrdersRate

Funding earned: −$65.5
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$79.5
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Phoenix: live order book, 27 min ago. Net counts fees only.

Price risk

price view

Price gap now: −0.096%
Avg gap 7d: —

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Deribit no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 27 min ago	0.13 bp	8.5 bp −$9	14.9 bp −$149	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

SPY on 26 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Phoenix SPYshort	−0.0290%	1h	$160K	$266K	20x
BloFin SPY-USDT	−0.0034%	8h	$431K	$695K	50x	as long as short
Bybit SPYUSDT	0.0000%	8h	$6.3M	$2.0M	100x	as long as short
Gate SPY_USDT	0.0000%	8h	$737K	$1.9M	75x	as long as short
SunX SPY-USDT	0.0000%	8h	$2K	$1.6M	10x	as long as short
HTX SPY-USDT	0.0000%	8h	$308K	$23K	50x	as long as short
Deribit SPY_USDC-PERPETUALlong	+0.0022%	1h	$22K	$73K	20x
Nado SPY-PERP	+0.0026%	1h	$1.6M	$364K	20x	as long as short
Lighter SPY	+0.0032%	1h	$9.0M	$21.2M	50x	as long as short
Lighter RH SPY	+0.0032%	1h	$56.8M	$121.7M	50x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Ondo Perps SPY-USD.P	+0.0040%	1h	$4.7M	$560K	20x	as long as short
Arcus SPY-USD	+0.0040%	1h	$938K	$1.1M	50x	as long as short
Vest SPY-USD-PERP	+0.0046%	1h	—	$84K	50x	as long as short
OKX SPY-USDT-SWAP	+0.0061%	8h	$8.1M	$3.1M	50x	as long as short
Binance SPYUSDT	+0.0084%	8h	$30.4M	$76.2M	50x	as long as short
MEXC SPY_USDT	+0.0086%	8h	$19.8M	$9.7M	100x	as long as short
Aster SPYUSDT	+0.0090%	8h	$859K	$221K	20x	as long as short
KuCoin SPYUSDTM	+0.0100%	8h	$2.5M	$1.1M	20x	as long as short
ApeX Omni SPYUSDT	+0.0100%	1h	$155K	$31K	50x	as long as short
Orderly PERP_SPY_USDC_mythos	+0.0100%	8h	$1K	—	20x	as long as short
Aevo SPY-PERP	+0.0104%	1h	$87K	—	10x	as long as short
RISEx SPY/USDC	+0.0126%	1h	$6.9M	$5.6M	25x	as long as short
Coinbase International SPY-PERP-INTX	+0.0136%	1h	$938K	$597K	20x	as long as short
Bitget SPYUSDT	+0.0171%	8h	$10.9M	$3.0M	50x	as long as short
GMX SPY/USD [ETH-USDC]	L +0.0415% / S −0.3519%	1h	$24K	—	53x	as long as short
edgeX SPYUSDC	+0.0863%	4h	$639K	$241K	20x	as long as short